Magnificent 7 Update

AMZN Cycles

BraVoCycles Newsletter
July 16, 2024

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AMZN Cycle

Magnificent 7 and a few other large-cap tech stocks were significant market drivers on the way up.
Evaluating their present state is instructive for gauging future market prospects. Today, I will look at AMZN.
AMZN cycles composite from the daily and weekly charts are shown below.
Shorter-term, they agree that some cycle pressure can be expected into the fall of 2024. This can manifest in a move down or a sideways correction.
The weekly cycle composite, the 2^nd chart below, suggests a topping formation until mid-2025 and a significant cycle bottom in 2027.

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AMZN EW Chart

The technical chart below shows the Elliott Wave count for AMZN.
It shows that AMZN has completed, or about to do so, 5 minor waves since Oct’22, which likely completed intermediate degree fifth wave, (5).
Consequently, a correction should follow. At least three waves down can be expected over the coming years.
Below the gray channel and gray horizontal line would be first indications that the trend has changed from up to down.